Manage episode 286344182 series 181490
Over 1 million new businesses were started in 2020, and a staggering 80% of those businesses will fail within 5 years. That is a statistic that is hard to wrap your brain around. An 80% failure rate. I’m excited to introduce you to a book and a concept called, “The Pumpkin Plan: 7 Steps to Grow your Business Fast”.
I recently came across this book that I read back in 2014. I still believe is one of the best business books on the market, because it teaches you focus. The book, “The Pumpkin Plan” was written by Michael Michalowicz. It lays out a simple strategy to grow a remarkable business in any field including real estate investing.
This author has written a few more books since 2014 and you’re sure to recognize some of them.
- Profit First
- Fix this Next
In “The Pumpkin Plan”, he talks about some powerful concepts but there is one that is known to most every entrepreneur. That is no matter what business they are in, entrepreneurs, more often than not, reach a point where they are worn down, facing burn out and are likely to be overwhelmed most of the time. This is particularly true in those first critical years when you are trying to get your business off the ground.
This is where Michael Michalowicz found himself. He was working long hours; he was completely worn out and in spite of bringing steady money in the door, he rarely had any left at the end of the month. He learned that in trying to please everyone, you often end up pleasing no one, and he knew he had to make a change.
After that, something happened. One day Michael read an article about a local farmer who had spent his entire life growing giant pumpkins. You know — the ones that win the prizes in contests because they are huge. In that moment, after reading about the pumpkin farmer’s process for growing that one perfect pumpkin, he realized that anyone could use this same process to grow a remarkable business.
He went to work creating a “Pumpkin Plan” for his own business. Since then, he has grown multiple successful businesses using these effective strategies.
The author has a lot of wisdom in this book that you can put into practice in your business. Here are just a few of the highlights:
- The 7-step process to grow a giant pumpkin (a successful business)
- Planting the right seeds: don’t plant watermelon seeds if you want to grow pumpkins
- Remove all of the less promising pumpkins that are still on the vine. Put all your attention on the best one.
- Michael’s 7-step process for pumpkin planning (creating your plan) for your own real estate business
- Positioning yourself to attract the perfect customers
- Firing your rotten clients (yes you need to do it)
- How to avoid being blinded by shiny object syndrome
- The secret sauce
Stop by the Louisville Gal’s Real Estate Blog for more great content and to read the full article.